Lowe's 1Q net income falls partly on bad weather

May 16, 2011 - 6:29 AM

Lowe's Cos.' first-quarter net income fell 6 percent, pressured in part by bad weather and difficult economic conditions.

The Mooresville, N.C., home improvement retailer also cut its full-year outlook on Monday.

Lowe's earned $461 million, or 34 cents per share, for the three months ended April 29. That's down from $489 million, or 34 cents per share, a year earlier.

Revenue dipped 2 percent to $12.19 billion.

Analysts expected earnings of 36 cents per share on revenue of $12.54 billion.

For the full year, Lowe's now expects earnings of $1.56 to $1.64 per share and an approximately 4 percent revenue increase. It previously forecast earnings of $1.60 to $1.72 per share on a 5 percent revenue rise.

Analysts predict full-year earnings of $1.70 per share on revenue of $50.9 billion.